RENO, Nev., May 29, 2019 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2019, were $370.9 million, or $18.93 per share, compared with $790.6 million, or $40.36 per share for the same period last year. Included in the results for the year ended March 31, 2018, was a $18.16 per share, or $355.7 million benefit resulting from the Tax Reform Act and an additional after-tax benefit of $7.34 per share or $143.8 million resulting from the sale of a portion of our Chelsea, NY property. Excluding these items, adjusted earnings were $14.86 per share for the year ended March 31, 2018.

For the quarter ended March 31, 2019, the Company reported net earnings available to shareholders of $0.8 million, or $0.04 per share compared with net earnings of $10.8 million, or $0.56 per share for the same period last year. Included in the results for the quarter ended March 31, 2018, was a $0.84 per share, or $16.5 million benefit resulting from the Tax Reform Act, excluding this, adjusted losses were ($0.28) per share for the quarter ended March 31, 2018.

"We did a better job of meeting consumer needs for our rental equipment and self-storage products over the course of this fiscal year," stated Joe Shoen, chairman of AMERCO. "Our pace for filling storage units and our truck sales efforts are improving. We will continue to work to retain the loyalty of our customers and team members."

Highlights of Fiscal Year and Fourth Quarter 2019 Results

Self-moving equipment rental revenues increased $34.5 million or 7.0% in the fourth quarter of fiscal 2019 compared with the fourth quarter of fiscal 2018 and finished the full year up $173.8 million or 7.0% compared with fiscal 2018. During fiscal 2019, we expanded the number of Company owned locations along with independent dealers, and increased the number of trucks, trailers and towing devices in the rental fleet. In the third and fourth quarters we saw revenue improvements in our corporate account business. Revenue and transactions for both the One-way and in-town markets improved compared to fiscal 2018.

Self-storage revenues increased $11.6 million or 13.7% in the fourth quarter of fiscal 2019 compared with the fourth quarter of fiscal 2018 and for the full year increased $43.4 million or 13.4% compared with fiscal 2018. The average monthly amount of occupied square feet increased by 14.0% during the fourth quarter of fiscal 2019 compared with the same period last year while square feet available increased 16.8%. In fiscal 2019, we added approximately 5.3 million net rentable square feet to our owned self-storage portfolio.

For the quarter, depreciation, net of gains and losses on sales increased $4.8 million. Depreciation on the rental equipment fleet increased $1.6 million primarily due to a larger fleet. Losses on the sales of rental trucks decreased $0.3 million. All other depreciation increased $3.5 million from the increase in new moving and storage locations. For the full fiscal year, depreciation, net of gains and losses on sales, increased $10.8 million. Depreciation on the rental equipment fleet increased $13.2 million primarily due to a larger fleet. Gains on the sales of rental trucks increased $15.1 million due to an increase in the volume of units sold and nominal improvements in sales price. All other depreciation increased $17.9 million largely from the increase in new moving and storage locations.

Net gains on the sale of real estate decreased $3.1 million for the fourth quarter of fiscal 2019 compared with the same period last year and decreased $195.4 million for the full year of fiscal 2019. The decrease for the full year was caused by the sale of a portion of our Chelsea, NY property in the third quarter of fiscal 2018 which resulted in a pre-tax gain of $190.7 million.

Fleet maintenance and repair costs increased $3.2 million in the fourth quarter of fiscal 2019 compared with the same period last year and $45.6 million for the full year of fiscal 2019. The increase in the number of units sold combined with the larger average fleet size during the quarter and full twelve months led to the higher repair and maintenance spending.

Operating earnings at our Moving and Storage operating segment increased $23.9 million in the fourth quarter of fiscal 2019 compared with the same period last year. Total revenues climbed $51.6 million and total costs and expenses increased $27.7 million.

Our Life Insurance subsidiary terminated a reinsurance agreement in the fourth quarter of fiscal 2019, which reduced their Life Insurance premiums $78.4 million and their Benefits and Losses expense by $76.4 million resulting in a net transfer of cash of $64.6 million.

Gross truck and trailer capital expenditures for fiscal 2019 were approximately $1,163 million compared with approximately $1,007 million for fiscal 2018. Proceeds from the sales of rental equipment were approximately $603 million for fiscal 2019 compared with $491 million in fiscal 2018. Spending on real estate related acquisitions and projects increased approximately $396 million to $1,003 million in fiscal 2019 compared with fiscal 2018.

Cash and credit availability at the Moving and Storage operating segment was $724.5 million at March 31, 2019 compared with $882.0 million at March 31, 2018.

On March 6, 2019, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on March 21, 2019. The dividend was paid on April 4, 2019.

AMERCO will hold its investor call for fiscal 2019 on Thursday, May 30, 2019, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at www.amerco.com . To hear a simulcast of the call, or a replay, visit www.amerco.com .

About AMERCO

AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2019, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2019 and 2018.

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2019 and 2018.